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($1,000's)   SMITHSONIAN INSTITUTION
[[underlined]] Investment Funds Summary [[/underlined]]

[[table, 5 columns]]

  | June 30, 1978 | June 30, 1979 | Mar. 31, 1980 | June 30, 1980

[[underlined]] BEA [[/underlined]]
Cash or Equiv. | 4.443    34% | 2,205   15% | |
Bonds | 1,772   13 | 5,831   41 | |
Cv Bds & Pfd | 538   4 | 941   6 | |
Common Stock | [[underlined]] 6,450    49 | 5,415    38 [[/underlined]] | |
Total | 13,203    100% | 14,392    100% | |
Div & Int/Yr. | 807 6.1% Mkt. | 1,128 7.8% Mkt. | |
Tot Ret Inc/Yr. | 670 5.1% Mkt. | 705 4.9% Mkt. | |

[[underlined]] BATTERYMARCH [[/underlined]]
Cash or Equiv. | 1,072   8% | 1,322   9% | 882   5% | 2,302   11%
Bonds | -   - | -   - | -   - | -   - | -   -
Cv Bds & Pfd | 249   2 | -   - | -   - | 222   1
Common Stock [[underlined]] 11,283   90 | 13,901    91 | 17,293   95 | 18,141   88 [[/underlined]]
Total | 12,604   100% | 15,223   100% | 18,175   100% | 20,665  100%
Div & Int/Yr. | 459  3.6% Mkt. | 850   5.6% Mkt. | 1,194  6.6% Mkt. | 1,292  6.3% Mkt.
Tot Ret Inc/Yr. | 666  5.3% Mkt. | 701 4.6% Mkt. | 988  5.4% Mkt. | 988 4.8% Mkt.

[[underlined]] FIDUCIARY TRUST [[/underlined]]
Cash or Equiv. | 2,135   9% | (136)   -% | (130)   -% | (152)   -%
Bonds | 5,154   21 | 7,741   29 | 7,148   23 | 7,206   21
Cv Bds & Pfd | 1,214   5 | 1,636   6 | 2,838   9 | 2,774   8
Common Stock | [[underlined]] 15,461   65 | 17,286  65 | 21,093   68 | 24,948   71 [[/underlined]]
Total | 23, 964 100% | 26,527  100% | 30,949  100% | 34,776  100% 
Div & Int/Yr. | 1,304  5.4% Mkt. | 1,460  5.5% Mkt. | 2,015  6.5% Mkt. | 1,649  4.7% Mkt.
Tot Ret Inc/Yr. | 1,120 4.7% Mkt. | 1,120 4.2% Mkt. | 1,434 4.6% Mkt. | 1,434 4.1% Mkt.

[[underlined]] TORRAY CLARK [[/underlined]]
Cash or Equiv. | 1,660   84% | 887   20% | 311   3% | 1,973   17%
Bonds | -   - | -   - | -   - | -   -
Cv Bds & Pfd | -   - | 88  2 | -   - | -   -
Common Stock | [[underlined]] 328   16 | 3,500  78 | 10,306   97 | 9,822   83 [[/underlined]]
Total | 1,988  100% | 4,475 100% | 10,617  100% | 11,795  100%
Div & Int/Yr. | 125  6.3% Mkt. | 299  6.7% Mkt. | 794 7.5% Mkt. | 11,795  100%
Div & Int/Yr. | 125 6.3% Mkt. | 299 6.7% Mkt. | 794 7.5% Mkt. | 772 6.6% Mkt.
Tot Ret Inc/Yr. | 103 5.2%  | 205  4.6% Mkt. | 552  5.2% Mkt. | 552  4.7% Mkt.

[[underlined]] TOTAL SMITHSONIAN CONSOLIDATED ENDOWMENT [[/underlined]]
Cash | 9,310  18% | 4,278  7% | 1,063  2% | 4,123  6%
Bonds | 6,926  13 | 13,572  23 | 7,148  12 | 7,206  11
Cv Bds & Pfd | 2,001  4 | 2,665 4 | 2,838  5 | 2,996  4
Common Stock | [[underlined]] 33,522  65 | 40,102 66 | 48,692  81 | 52,911  79 [[/underlined]]
Total | 51,759  100% | 60,617  100% | 59,741  100% | 67,236  100%
Div & Int/Yr. | 2,695  5.2% Mkt. | 3,737  6.2% Mkt. | 4,003 6.7% Mkt. | 3,713  5.5% Mkt.
Tot Ret Inc/Yr. | 2,559  4.9% Mkt. | 2,731  4.5% Mkt. | 2,974  5.0% Mkt. | 2,974  4.4% Mkt.

Includes Freer Fd. | 15,973 | 17,155 | 16,650 | 18,739
Consolidated Fd. | 22,991 | 29,581 | 29,422 | 33,120
Endowment #3 | [[underlined]] 12,795 | 13,881 | 13,669 | 15,377 [[/underlined]]
Total | 51,759 | 60,617 | 59,741 | 67,236

[[underlined]] Stock Market Averages [[/underlined]]
DJIA | 818.95 | 841.98 | 785.75 | 867.92
S&P 500 | 95.53 | 102.91 | 102.09 | 114.24
Value Line Comp. | 104.11 | 114.02 | 106.18 | 121.71 [[/table]]